Simon Ng As of September 25, 2023, information from defillama.com confirms that the amount of Ethereum (ETH) held within liquid staking derivative platforms has eclipsed the 12 million ETH benchmark, arriving at an outstanding 12.31 million.
A historical review reveals that on September 20, liquid staking platforms collectively held 11.94 million ether across 23 different protocols. Of these, Lido has been particularly dominant, accounting for an overwhelming 70.90% of the total value locked (TVL).
Defillama.com data recorded on September 25, 2023.
On September 20, Lido had roughly 8.7 million ether confined in its decentralized finance ecosystem. As of the most recent data, the protocol has seen an influx of an additional 30,000 ether.
Coinbase, five days prior, had a stockpile of 1.29 million ether. This has witnessed a modest rise, culminating in a current holding of 1.3 million ether. Similarly, Rocket Pool saw its holdings slightly increase from 940,496 ether to 945,402 ether in the same period.
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Binance’s WBETH Instrumental in Record Growth With 86% Contribution
Notably, Binance’s liquid staking platform was at the forefront of this expansion, with an addition of 318,605 ether to its coffers. Archived data indicates that Binance started with a base of 445,500 ETH to back its WBETH token, a number that has now grown to 764,105 ETH.
Data from etherscan.io on September 25, 2023, identifies the top five WBETH wallets (ERC20).
Dune Analytics’ statistics disclose a dispersion of 161,124 WBETH tokens on the Binance Smart Chain and a substantial 602,981 WBETH on the Ethereum network. Further onchain scrutiny reveals that the majority of this WBETH growth occurred specifically on September 23 and 24.
WBETH supply as recorded on September 25, 2023, by Dune Analytics.
In a similar timeline, Frax, a liquid staking protocol, saw its ether reserves grow modestly from 260,557 to 261,323. Concurrently, Stakewise recorded a marginal increase in its holdings, moving from 97,236 ether on September 20 to the current figure of 97,272.
In a striking observation, the leading six liquid staking protocols control an immense 98.24% share of the entire market. This means that these six platforms are collectively responsible for approximately 12,093,344 out of the total 12,310,000 ETH that is presently locked in.
What is your perspective on liquid staking platforms surpassing the 12 million ETH milestone this week? Your insights and viewpoints on this subject are welcomed in the comments section below.
Frequently Asked Questions (FAQs) about Liquid Staking Platforms
What is the primary focus of the article?
The article primarily focuses on the rapid growth of Ethereum holdings in liquid staking platforms, highlighting that they have surpassed 12 million ETH. It delves into the details of market players, including Binance’s WBETH, and offers data-based insights into market dominance and protocol performance.
What is the current status of Ethereum holdings in liquid staking platforms?
As of September 25, 2023, Ethereum holdings in liquid staking platforms have reached an impressive 12.31 million, crossing the 12 million ETH milestone.
Who is the major contributor to this week’s growth in liquid staking platforms?
Binance’s liquid staking token, WBETH, was the primary driver behind this growth, accounting for over 86% of the increase in the past five days.
What role does Lido play in the liquid staking landscape?
Lido is a significant player in the liquid staking landscape, commanding a staggering 70.90% of the total value locked (TVL) across nearly two dozen protocols.
How have other platforms like Coinbase and Rocket Pool performed in the same timeframe?
Coinbase saw a modest increase in its Ethereum holdings, going from 1.29 million to 1.3 million ether. Rocket Pool’s holdings marginally increased from 940,496 ether to 945,402 ether in the same five-day span.
What does the data from Dune Analytics reveal?
Dune Analytics reveals a distribution of 161,124 WBETH on the Binance Smart Chain and a substantial 602,981 WBETH on the Ethereum network. Most of this proliferation transpired over the last weekend, specifically on September 23 and 24.
How concentrated is the liquid staking market among the top platforms?
The liquid staking market is highly concentrated among the top six platforms, which dominate 98.24% of the entire arena. These six platforms collectively oversee an estimated 12,093,344 out of the 12,310,000 ETH currently locked in.
More about Liquid Staking Platforms
- DefiLlama: DeFi Dashboard
- Etherscan: Ethereum Blockchain Explorer
- Dune Analytics: Ethereum Data
- Binance Liquid Staking
- Coinbase: Cryptocurrency Platform
- Rocket Pool: Ethereum Staking
- Lido: Liquid Staking for ETH 2.0
- Frax Finance
- Stakewise: Ethereum 2.0 Staking
